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25.06.2024 | Tech and Business News

Hive Raises €28 Million to Empower EU Commerce Brands

Hive leadership team

Hive leadership team - © Hive

According to a recent press release, Hive Technologies has raised €28.2 million in a preempted Series A extension round. The Berlin-based company, which provides an operations platform for independent commerce brands, plans to use the funding to expand its services across Europe.

Earlybird led the investment round, with participation from existing investors Tiger Global, Picus Capital, and alfa8. The funding includes €10 million in venture debt from Atempo Growth.

Hive has experienced significant growth, expanding its presence to Germany, France, Italy, Spain, and the UK. The company's platform combines advanced technology with a network of operations providers, offering services such as fulfillment, delivery, and post-purchase experience management.

The company's proprietary Warehouse Management System (WMS) and Transport Management System (TMS) have been key to its success, enabling superior operational quality and a rich feature set. Hive digitizes warehousing and shipping logistics for small and medium-sized online merchants, enabling businesses to integrate their existing e-commerce stores with our warehousing solution in minutes. Its innovative solutions, such as the Delivery Promise feature, have helped brands increase conversion rates by up to 30%.

Tim Rehder, Partner at Earlybird, expressed enthusiasm for Hive's progress: "We've been truly impressed by Hive's progress. Hive's growth, customer feedback, technological maturity, and company leadership are unmatched in Europe and we look forward to the continued journey together."

With this new funding, Hive aims to accelerate growth and product development while targeting profitability next year.

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